Goldman Sachs pays $3.9bn to settle 1MDB scandal

24 Juillet, 2020, 16:19 | Auteur: Anatole Charbonneau
  • Finance Minister Tengku Datuk Seri Zafrul Aziz said he was glad the case was resolved without initiating any lengthy and costly legal process adding both parties agreeing to a settlement also meant the return of the monies can be expedited. — Bernama

"I welcome the announcement on the settlement worth RM16.6 billion (US$3.9 billion) reached between the Malaysian government and Goldman Sachs over the government's claims related to wrongdoing and misappropriation in the 1MDB case", he said in a media statement today.

Zafrul further explained that Goldman Sachs, at their own expense, would also assist the Malaysian government to appoint an asset recovery specialist to recover offshore assets related to 1MDB.

"With this settlement, we can expedite the repatriation of assets without the judiciary process which would be complex and costly", he said. Goldman Sachs underwrote and arranged bond sales for the wealth fund totalling $6bn.

The settlement brings the 1MDB funds to be returned to Malaysia to RM19 billion (US$4.5 billion), including the funds returned earlier by the US Department of Justice.

"It's a big victory for the Ministry of Finance, Prime Minister [Tan Sri Muhyiddin Yassin] and PN [Perikatan Nasional] to achieve this". "We are not satisfied with that amount", he said at the time, adding that the bank needed to "respond reasonably".

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The funds were allegedly used to buy everything from from yachts to artwork, and fund the production of Hollywood films including The Wolf of Wall Street.

Leissner, a former partner at Goldman Sachs in Asia, pleaded guilty in the U.S. in August 2018 to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act, and agreed to forfeit $43.7m.

The former prime minister has denied any wrongdoing and pleaded not guilty to all the charges against him.

Malaysia at the time also announced separate charges against 17 current and former executives of Goldman Sachs, who allegedly misled investors by making false statements and omitting key facts in relation to the 1MDB bond issuances.

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